The Amsterdam scale-up DataSnipper has raised $100 million in a new financing round. This values the six-year-old company at $1 billion. DataSnipper developed a platform that allows accountants to automate repetitive tasks and maintain greater control over the financial policy of organizations.
The new investment, led by Index Ventures, will help the company expand into new markets and further develop its products. For example, DataSnipper recently offered the Cloud Collaboration Suite for collaboration between remote teams, and the AI Suite that allows users to ask the system questions about unstructured documents and data in natural language. Until now, such exercises required a lot of repetitive and error-prone manual work.
DataSnipper was founded in 2017 by Jonas Ruyter, Maarten Alblas and current CTO Kai Bakker. In 2022, they sold a minority stake to the American investor Insight Partners, writes the FD. The scale-up is led by Vidya Peters. She previously held senior positions at Mulesoft and Intuit in Silicon Valley, among others. The company has its headquarters in Amsterdam and a branch in New York City. Offices in Malaysia and Mexico will soon follow, the business newspaper says. A total of 140 people work there, a number that will probably double this year.
According to the company, both turnover and the number of customers will double by 2023. The company is mainly focusing on growth in the Asia-Pacific and Latin America regions. More than four hundred thousand accountants and auditors in 125 countries now use DataSnipper’s software. Customers include large accounting firms such as the Big Four (Deloitte, KPMG, EY and PwC) and BDO Netherlands, and other organizations for which data coordination (reconciliation) is important, such as Hilton, Siemens and the Dutch Swapfiets.
According to the FD, the two investors Index Ventures and Insight Partners jointly own a majority stake.